Human rights activists from 20 international locations have submitted an open letter to the United States Congress in help of a “responsible crypto policy” and praising Bitcoin and stablecoins as important instruments aiding democracy and freedom for tens of hundreds of thousands.
The letter comes only a week after an anti-crypto open letter was despatched to Congress purporting to be from the scientific group however whose lead signatures included well-known crypto critics and authors from excessive earnings, democratic international locations.
The group of 21 activists clapping again embrace these from international locations which have both seen current battle or have in any other case unstable economies reminiscent of Ukraine, Russia, Iraq, Nigeria, Venezuela, Cuba and even North Korea. The letter states:
“We write to urge an open-minded, empathetic approach toward monetary tools that are increasingly playing a role in the lives of people facing political repression and economic hardship.”
They add they’re humanitarians and advocates of democracy who’ve used Bitcoin (BTC) to help in danger folks “when other options have failed” and want to defend an open financial system.
The group says they’ve additionally relied on Bitcoin and stablecoins within the “struggle for freedom and democracy”and that “tens of millions of others” dwelling underneath authoritarian regimes or in unstable economies additionally use cryptocurrencies for a similar purpose.
“Bitcoin and stablecoins offer ungated access to the global economy for people in countries like Nigeria, Turkey, or Argentina, where local currencies are collapsing, broken, or cut off from the outside world.”
The group supplied a number of situations from all over the world of how cryptocurrencies are aiding folks, citing examples from Cuba, Afghanistan, Venezuela and Nigeria which have all seen excessive crypto adoption attributable to inflation or lack of correct monetary infrastructure.
Cryptocurrencies additional “helped keep the fight against authoritarianism afloat” the group added, offering an instance of the position crypto performed when monetary techniques broke down after the Russian invasion of Ukraine in February 2022.
Related: Crypto seen because the ‘future of money’ in inflation-mired international locations
The activists took purpose at “the anti-crypto letter” addressed to Congress on June 1 supposedly backed by 1,500 pc scientists and engineers that referred to as on Congress to keep away from making a “regulatory safe haven for these risky, flawed, and unproven digital financial instruments.” Lead signatories included skilled or long run crypto critics like David Gerard, Molly White and Stephen Diehl.
The human rights coalition stated almost all of the authors of that letter are from international locations with “stable currencies, free speech, and strong property rights” they usually more than likely haven’t skilled hyperinflation or “the cold grip of dictatorship”.
“The horrors of monetary colonialism, misogynist financial policy, frozen bank accounts, exploitative remittance companies, and an inability to connect to the global economy might be distant ideas [to those in the West]. To most of us and our communities — and to the majority of people worldwide — they are daily realities. If there were “far better solutions already in use” to beat these challenges, we might know.”
The marketing campaign was organized by the crypto think-tank the Bitcoin Policy Institute and signatories to the letter embrace activists from Feminist Coalition (Nigeria), Anti-Corruption Foundation (Russia), the Belarus Solidarity Foundation (Belarus), Ideas Beyond Borders (Iraq), the Digital Citizen Fund (Afghanistan), and notably, the Russian chess grandmaster and chair of the Human Rights Foundation Garry Kasparov.
The human rights group acknowledged that proliferating crypto scams exist however stated conflating helpful FinTech merchandise with these schemes just isn’t the answer as a substitute, training was wanted to assist folks inform the distinction.
“We hope that you and your colleagues do not craft or implement policy that hurts our ability to use these new technologies in our human rights and humanitarian work…we hope you choose a different policy path, one that allows us to save, connect, and gain freedom.”